Fifth Third will lend or invest $30 billion to low- and moderate-income (LMI) borrowers and in LMI communities from 2016 to 2020. This agreement between Fifth Third and the National Community Reinvestment Coalition (NCRC) was signed by 145 NCRC member organizations.
$11 billion over five years
Fifth Third is committing $11 billion to LMI borrowers and LMI neighborhoods. The commitment includes a specific target for home purchase loans.
SMALL BUSINESS LENDING
$10 billion over five years
Fifth Third has a lending goal of $10 billion for small businesses.
COMMUNITY DEVELOPMENT LENDING AND INVESTMENTS (CDLI)
$9 billion over five years
Fifth Third committed to $9 billion in CDLI over five years. The Bank is evaluating expanding CDLI activities to include affordable housing, pre-development loans, non-tax-credit-related projects to assist with access to affordable housing, and support for economic development projects that promote job creation and retention for LMI individuals and neighborhoods.
FIFTH THIRD IMPACT PROGRAMMING
$154.8 million over five years
Fifth Third will strengthen communities through philanthropic donations and impactful community sponsorships. Charitable giving will include supporting organizations with resources for capacity building, workforce training and assistance for older adults.
Fifth Third will help address the gap for consumers who need down payment assistance, support housing counseling and financial literacy programs, and fund housing loan pools for home repairs and gap financing to support neighborhood revitalization.
Small Business-related Investments
Fifth Third will help fund technical assistance programs for small business development and growth and support the ecosystem for small business lending.
Branch and Staff Commitments
Fifth Third will seek to increase access to banking services in LMI and/or high minority communities by opening additional branches in those neighborhoods. The Bank will support this activity and improve delivery of these services by expanding CRA staffing in mortgage lending and small business lending.
Inclusion and Diversity
Fifth Third's plan supports the Bank's commitment to ensure that its human capital is inclusive and diverse. The Bank will increase its efforts to support diverse suppliers: minority-owned, women-owned and veteran-owned businesses.
Fifth Third L.I.F.E.® Financial Education
Fifth Third will deliver its Fifth Third L.I.F.E. (Lives Improved through Financial Empowerment®) programs, which strive to reach consumers at every age and stage of life through foundational financial education. Fifth Third's L.I.F.E.® programs include its Financial Empowerment Mobiles, or eBuses, which deliver financial education, job training, tax preparation assistance and other help directly to low- and moderate-income communities in partnership with local community organizations.
Fifth Third Bank will form a national community advisory forum that will review and monitor the progress of the agreement, as well as statewide advisory forums that will provide input to Fifth Third for addressing community needs. Additionally, in partnership with NCRC, Fifth Third will conduct annual local community engagement meetings in all its major markets.
year one results
full year 2016
Fifth Third is pleased to report its results for year one (2016) of its $30 billion Community Commitment. The Bank invested $7.88 billion, or 26.3 percent of the total commitment. These results put Fifth Third on pace to exceed the goals of the commitment by 2020.
Fifth Third laid the groundwork to create a national Community Advisory Forum, which will form in 2017. The Company also will create five statewide forums. Over the course of 2016, Fifth Third leadership met with hundreds of community organizations, the majority of whom are affiliated with the National Community Reinvestment Coalition.
Additional detail and stories about the Commitment's first year and Fifth Third's Impact Programming can be found in the following pages.